Significant new rig orders for Singapore builders like Keppel Corp. (BN4.SG) and Sembcorp Marine (S51.SG) are unlikely until 2011, “by which time it would be too late for most of those contracts to be recognised as revenue for 2011”, says Daiwa.
Daiwa notes that while global rig demand are higher in 2H09 vs 1H09, the increase so far has only been enough to arrest decline in global rig utilisation and day rates.
Keppel FELS Limited says it is on track to deliver West Vencedor, the sixth of seven KFELS semisubmersible drilling tenders (SSDT) to Seadrill Limited before the end of this year. This will be the record 13th rig delivery made this year, says Keppel FELS.
Current share prices of Keppel Corp. (BN4.SG), Sembcorp Marine (S51.SG) suggest investors may be too optimistic about new demand for rigs, earnings, says Credit Suisse.
“Our analysis shows that the magnitude of expected increase in new orders and earnings growth is unrealistic and (the market) is likely to be disappointed,” says the Swiss investment bank.
An oil rig operated by a unit of top Thai energy firm PTTEP in the Timor Sea, which has been leaking for 10 weeks, today caught fire officials said.
The West Atlas rig operated by PTTEP Australasia, a unit of PTT Exploration and Production (PTTEP), started leaking on 21st Aug.and efforts to stop the leak [...]
A fire has started on an oil rig off the northwest coast of Australia that has been leaking into the Timor Sea for 10 weeks. Rig operator PTTEP Australasia said Sunday that no one had been injured and nonessential workers were being evacuated after the fire broke out on the West Atlas rig
